2025-11-13T13:06:08-06:00 2024-12-31 881478669 CBIZ ADVISORS LLC 1899 L STREET NW 850 WASHINGTON DC 20036 990 2024-01-01 462894529 TUNISIAN-AMERICAN ENTERPRISE FUND TUNI 2027652383 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 2027652383 2025-11-13 1 0 AARON M FOX P01365820 2022274000 2025-11-13 2024 2025-03-06 01:10:19Z LOUISE STONER CRAWFORD 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 5656723 0 X WWW.TAEFUND.ORG X 2013 DE SUPPORT TUNISIAN ECONOMY BY INVESTING IN SMALL AND MEDIUM SIZED ENTERPRISES. 8 8 1 8 0 0 2494083 274920 219528 3255 373725 806161 111632 -1299504 3198968 -215168 230686 273504 0 0 834739 874559 0 0 0 448826 365167 1514251 1513230 1684717 -1728398 89030844 87805960 3142528 3453624 85888316 84352336 X THE PURPOSE OF THE TUNISIAN-AMERICAN ENTERPRISE FUND (THE FUND) IS TO PROMOTE DEVELOPMENT OF THE TUNISIAN PRIVATE SECTOR THROUGH LOANS, MICROLOANS, EQUITY INVESTMENTS, INSURANCE, GUARANTEES, GRANTS, FEASIBILITY STUDIES, TECHNICAL ASSISTANCE, TRAINING FOR BUSINESSES, RECEIVING INVESTMENT CAPITAL, AND OTHER MEASURES. 0 0 697165 273504 3255 IN 2024, TAEF CONTINUED OUR WORK OF FINDING AND INVESTING IN TUNISIA'S MOST PROMISING SMALL AND MEDIUM SIZED ENTREPRENEURS. WE WORKED CLOSELY WITH EXISTING INVESTEES WHILE SEEKING NEW OPPORTUNITIES FOR GROWTH. TAEF INVESTMENT STRATEGY TAEF'S TAILORS PROVEN, INNOVATIVE FINANCING MECHANISMS TO MEET THE NEEDS OF TUNISIAN ENTREPRENEURS AND TO ADDRESS GAPS IN THE COUNTRY'S SMALL AND MEDIUM SIZED ENTERPRISES (SME) FINANCING ENVIRONMENT. TAEF SEEKS TALENTED ENTREPRENEURS AND BUSINESS PEOPLE AS PARTNERS WHO BRING STRONG EXPERIENCE, COMMITMENT AND VISION FOR GROWTH TO THEIR COMPANIES. TAEF INVESTS IN SMES THROUGHOUT THEIR LIFE CYCLE FROM START-UP TO EARLY GROWTH AND MATURITY UP TO SUCCESSION. WE INVEST: - DIRECTLY IN SMES THROUGH TWO PLATFORMS: OUR OWN DEDICATED FUND FOR SMES IN GROWTH STAGE (TASME), AND OUR SEARCH FUND FOR SMES IN SUCCESSION STAGE (TASF) - IN PARTNERSHIP WITH TUNISIAN INVESTMENT FIRMS AS A COMPLEMENT TO TASME'S WORK AND A WAY TO PROVIDE EQUITY OR PRIVATE DEBT INFUSIONS TO BUSINESSES - IN MICROFINANCE INSTITUTIONS THAT REACH THE SMALLEST OF TUNISIA'S BUSINESS OWNERS - IN DIGITAL TECHNOLOGY AND KNOWLEDGE-BASED START-UPS THROUGH AN INTEGRATED PLATFORM: AN ACCELERATOR FLAT6 LABS AND VENTURE CAPITAL INVESTMENT VEHICLE ANAVA SEED FUND. TASME: MEZZANINE & ROYALTY BASED FINANCING FOR TUNISIAN SMES TASME OFFERS UNIQUE FINANCING TO TUNISIAN SMES WITH A COMBINATION OF DEBT AND EQUITY TAILORED TO THEIR NEEDS. TASME SEEKS WELL RUN COMPANIES IN VALUE-ADDING SECTORS EXPECTED TO HAVE STRONG GROWTH. THROUGH TASME, TAEF HAS CREATED A UNIQUE FINANCING PLATFORM, BUILT A TALENTED TEAM, AND EXPANDED TUNISIA'S DOMESTIC SME FINANCING. AT THE END OF 2024, TASME HAD INVESTED IN 21 COMPANIES IN A LARGE VARIETY OF SECTORS WITH INVESTMENT TICKETS AVERAGING $1.1M. THE TEAM ALSO CONTINUED TO WORK CLOSELY WITH EXISTING PORTFOLIO COMPANIES AS THEY NAVIGATE CHALLENGES AND PREPARE FOR EXITS. TASF: TUNISIA'S FIRST SEARCH FUND TAEF ADAPTED THE US SEARCH FUND MODEL TO TUNISIA TO MATCH THE NEEDS OF MATURE BUSINESS OWNERS LOOKING FOR SUCCESSION PLANS FOR THEIR COMPANIES WITH SEASONED MANAGERS WHO HAVE THE SKILLS TO GROW THE BUSINESS. TASF CATALYZES ENTREPRENEURSHIP THROUGH ACQUISITION. OUR FIRST SEARCHER COMPLETED THE ACQUISITION OF PROPANN, A COMPANY THAT PRODUCES MANUFACTURED BOARD FOR FURNITURE AND INTERIOR FINISHING IN 2019. SINCE ACQUISITION, HE HAS UPGRADED AND OPTIMIZED OPERATIONS, REFINED THE COMPANY'S STRATEGY WITH ATTENTION TO PRODUCT MIX, DEVELOPED NEW SOURCES FOR RAW MATERIALS, AND WORKED ON CREATING NEW MARKETS LOCALLY AND INTERNATIONALLY. IN 2024, PROPANN AND ITS STRONG MANAGEMENT CONTINUED TO PERFORM WELL IN A CHALLENGING ENVIRONMENT.FUND OF FUNDS INVESTMENTS: STRENGTHENING TUNISIA'S INVESTMENT ECOSYSTEM TAEF BELIEVES THAT A STRONG SME FINANCING ECOSYSTEM MADE UP OF DIVERSIFIED INVESTMENT VEHICLES WITH TALENTED MANAGEMENT TEAMS IS ESSENTIAL TO DRIVE ECONOMIC GROWTH AND GENERATE IMPACT. BY INVESTING ALONGSIDE OTHERS, TAEF HAS LEVERAGED OUR FUNDS TO ACHIEVE GREATER IMPACT AND TO EXPAND FINANCING OPTIONS AVAILABLE TO TALENTED ENTREPRENEURS INVESTING IN GROWTH. TUNINVEST CROISSANCE (TC), A SINGLE COUNTRY FUND CREATED IN 2013, PROVIDED GROWTH CAPITAL TO 10 TUNISIAN SMES. FULLY INVESTED SINCE 2016, TC WORKS ACTIVELY WITH INVESTEES AS THEY MOVE TOWARDS EXIT. AT THE END OF 2024, FIVE EXITS HAD BEEN FINALIZED, THREE ARE PLANNED FOR EXIT IN 2025, AND ONE FOR LATER IN 2026. INMA HOLDING, A NEW FUND, WAS SEEDED BY TAEF IN 2017 TO EXPAND SME INVESTMENT OPTIONS IN TUNISIA. BY THE END OF 2024, INMA HOLDING HAD INVESTED IN 5 COMPANIES AND SUCCESSFULLY EXITED FROM ONE, GENERATING A 13.9% IRR. TAEF EXPECTS TO CONTINUE TO SUPPORT THESE FUND INVESTMENTS AS THEY EXIT INITIAL INVESTMENTS, MANAGE ONGOING ACTIVE INVESTMENTS, AND DEVELOP MANAGERIAL TALENT. INMA FINANCE: TUNISIA'S FIRST PRIVATE DEBT FUND TAEF CO-CREATED INMA FINANCE, THE FIRST PRIVATE DEBT VEHICLE IN TUNISIA. THIS FUND WAS CREATED IN DIRECT RESPONSE TO SME'S EXPRESSED NEEDS FOR AN ALTERNATIVE TO THE TRADITIONAL BANKING SYSTEM. INMA FINANCE SEEKS INVESTMENTS IN STABLE AND GROWING COMPANIES THAT ARE CREATING VALUE IN TUNISIA IN 2024 INMA FINANCE HAD LOANS TO THREE COMPANIES: TWO MICROFINANCE INSTITUTIONS AND A REAL ESTATE DEVELOPMENT COMPANY, WHICH NEGOTIATED A SECOND REVOLVING LOAN UPON TERMINATION OF THE FIRST. INMA FINANCE ALSO CONTINUED TO SOURCE NEW INVESTMENTS.MICROFINANCE: EXPANDING ACCESS TO FINANCE FOR MICRO-ENTREPRENEURS AAN EARLY SUPPORTER OF MICROFINANCE INSTITUTIONS IN TUNISIA, TAEF VIEWS SUPPORT OF THESE INSTITUTIONS AS AN EFFECTIVE WAY TO FILL A CRITICAL GAP IN ACCESS TO FINANCE FOR MICRO ENTERPRISES. OUR GOAL IS TO SUPPORT STRONG AND RESILIENT INSTITUTIONS THAT PROVIDE NATION-WIDE ACCESS TO FINANCE TO TUNISIAN MICRO-ENTREPRENEURS. TAEF DELIBERATELY INVESTED IN MFIS SERVING DIFFERENT PARTS OF THE MICROENTERPRISE ECOSYSTEM WITH AVERAGE LOANS RANGING FROM TND 3,000 (ENDA) TO TND 3,000 - 40,000 (DAAM). IN 2024, TAEF CONTINUED ITS ACTIVE INVOLVEMENT WITH DAAM AND HAD BEGUN EXIT NEGOTIATIONS WITH OTHER SHAREHOLDERS. FLAT6LABS & ANAVA SEED FUND: INTEGRATED VC PLATFORM DEDICATED TO STARTUPS TAEF WAS AN ANCHOR INVESTOR IN BRINGING THIS INNOVATIVE AND PROVEN START-UP ACCELERATOR AND EARLY-STAGE INVESTOR MODEL TO TUNISIA. SINCE INCEPTION, TEN CYCLES OF DIGITAL COMPANIES, A TOTAL OF 75 STARTUPS, HAVE BEEN SELECTED FROM HUNDREDS OF APPLICANTS TO COMPLETE THE ACCELERATOR PROGRAM AND PRESENT THEIR COMPANIES TO INVESTORS AT A DEMO DAY. AT THE END OF 2024, 44% OF THE START-UPS HAD RAISED ADDITIONAL FOLLOW-ON FUNDING, THUS LEVERAGING ANAVA SEED CAPITAL'S INVESTMENT BY TND 68 M. IN ADDITION TO FINANCIAL RESOURCES, FLAT6LABS LEVERAGES ONE OF TUNISIA'S GREATEST ASSETS, ITS TALENTED AND RESOURCEFUL YOUTH. 697165 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 3 0 1 1 1 0 1 TS MP 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X LOUISE STONER CRAWFORD 2027652383 2000 PENNSYLVANIA AVENUE NW 7000 WASHINGTON DC 20006 W BOWMAN CUTTER CHAIR OF BOARD 15.00 X X 0 0 0 MOHAMED MALOUCHE TREASURER 2.00 X X 0 0 0 FERID ABBAS BOARD MEMBER 1.00 X 0 0 0 AHMED BENGHAZI BOARD MEMBER 1.00 X 0 0 0 DONIA ELLOUZE BOARD MEMBER 1.00 X 0 0 0 LAUREN HENDRICKS BOARD MEMBER 1.00 X 0 0 0 HOWARD NEWMAN BOARD MEMBER 1.00 X 0 0 0 HATEM SELLAMI BOARD MEMBER 1.00 X 0 0 0 HELA KADDOUR FOURATI PRESIDENT 45.00 X 592318 0 0 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 20.00 X 258275 0 0 850593 0 0 2 0 1 0 0 274920 274920 LOAN INTEREST 900099 3255 3255 3255 806089 806089 5871963 5871891 72 72 72 TRANSLATION LOSS 900099 -621557 -621557 LOSS ON SUBSIDIARY 900099 -677947 -677947 -1299504 -215168 3255 0 -493343 273504 273504 853864 356622 497242 1775 89 1686 18920 946 17974 25574 14066 11508 131914 39575 92339 59689 59689 6500 6500 7467 7467 58886 58886 16800 16800 17510 5863 11647 15569 15569 390 390 24868 24868 1513230 697165 816065 0 110553 51147 722081 935357 21167 3219 2179 1430 1040 15888702 15250196 49930851 49169826 22377227 22377227 89030844 87805960 33421 68460 190673 2918434 3385164 3142528 3453624 X 85888316 84352336 85888316 84352336 89030844 87805960 X -1728398 406384 -213966 X 0 1 X 1 0 X 4642387 13200536 2067702 2494083 274920 22679628 4642387 13200536 2067702 2494083 274920 22679628 22679628 59497 877314 502059 373725 806089 2618684 111632 -1299504 -1187872 24110440 2399099 0.94070 0.97210 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1950 910 1040 1269 1269 0 1040 TUNISIAN AMERICAN SME COMPANY 24999900 F INMA FINANCE 8847482 F PROPANN 6099625 F ANAVA SEED FUND 3473190 F INMA HOLDING FUND 3379320 F TUNINVEST CROISSANCE FUND 1251600 F CFE TUNSIE FUND 1105318 F FLAT 6 LABS FUND 11776 F INMA CONSEIL 1615 F 49169826 SUBSIDIARY ADVANCES FOR INVESTMENT 22377227 22377227 DUE TO AFFILIATE 2278989 PROVISION FOR INVESTMENT IMPAIRMENT 1106175 3385164 X PART X, LINE 2: TAEF EVALUATED ITS UNCERTAINTY IN INCOME TAXES FOR THE YEAR ENDED DECEMBER 31, 2024, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. 1 MIDDLE EAST AND NORTH AFRICA 1 8 INVESTMENTS 49169826 MIDDLE EAST AND NORTH AFRICA 0 0 GRANTMAKING 274920 1 8 0 0 1 8 49444746 0 49444746 MIDDLE EAST AND NORTH AFRICA GENERAL SUPPORT 274920 WIRE 0 1 1 0 1 0 0 0 PART I, LINE 2: THE FUND'S PRIMARY PURPOSE IS INVESTMENT OF THE FUNDS. THE FUND MONITORS ITS INVESTMENTS CLOSELY. ANY GRANTS THE FUND MAKES TO OTHER ENTITIES ARE MADE IN SUPPORT OF OUR MISSION OF INVESTING IN TUNISIA'S SME SECTOR AND ARE OFTEN PART OF A PACKAGE WITH EQUITY AND/OR LOANS. THE PERFORMANCE OF THESE ENTITIES IS CLOSELY MONITORED AND, WITH EQUITY INVESTMENTS, THE FUND USUALLY HAS A SEAT ON THE BOARD. PART I, LINE 3: INVESTMENTS CONSIST OF THE FUND'S INTEREST IN A PRIVATE EQUITY FUND AND IN CERTAIN PARTNERSHIPS WHICH ARE CONSIDERED TO BE ALTERNATIVE INVESTMENTS; AS SUCH, THESE ALTERNATIVE INVESTMENTS ARE NOT TRADED IN AN ESTABLISHED MARKET. THE FUND'S INTEREST IN THESE ALTERNATIVE INVESTMENTS IS RECORDED AT THE LOWER OF COST OR MARKET. X 1 1 X 0 0 0 0 0 0 0 1 0 HELA KADDOUR FOURATI PRESIDENT 327598 0 240655 0 24065 0 0 0 0 0 592318 0 0 0 LOUISE STONER CRAWFORD SECRETARY - MANAGING DIRECTOR 198275 0 60000 0 0 0 0 0 0 0 258275 0 0 0 PART I, LINE 1A HELA KADDOUR FOURATI, COO AND MANAGING DIRECTOR, RECEVIED TAX REIMBURSEMENT OF $24,065 FOR THE YEAR 2024. PART I, LINE 1B THE DECISION TO PROVIDE TAX REIMBURSEMENT AND GROSS-UP PAYMENTS TO MS. FOURATI WAS DISCUSSED, UNANIMOUSLY APPROVED, AND DOCUMENTED IN WRITING BY THE BOARD, BUT THIS BENEFIT IS NOT EXPRESSED IN A WRITTEN POLICY. PART I, LINE 7 IN 2024, HELA KADDOUR FOURATI, COO - MANAGING DIRECTOR, AND LOUISE STONER CRAWFORD, SECRETARY - MANAGING DIRECTOR, EACH RECEIVED A BONUS DETERMINED UPON THE DISCRETION OF THE BOARD OF DIRECTORS. THE PERFORMANCE-BASED BONUS FRAMEWORK FOR TAEF AND TAEF SUBSIDIARIES HAS BEEN APPROVED BY USAID. FORM 990, PART V, LINE 2A: THE TOTAL NUMBER OF US CITIZENS RECEIVING FORM W-2S IS 1 AND THE TOTAL EMPLOYEES WORLDWIDE THAT ARE NOT US CITIZENS NOT RECEIVING FORM W-2S IS 8. THEREFORE, THE TOTAL EMPLOYEES FOR THE ORGANIZATION WORLDWIDE IS 9. FORM 990, PART VI, SECTION B, LINE 11B THE FINAL DRAFT OF THE FEDERAL FORM 990 AS PREPARED BY THE INDEPENDENT ACCOUNTING FIRM IS PRESENTED TO THE FULL BOARD OF DIRECTORS FOR REVIEW BEFORE IT IS SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C A THOROUGH CONFLICT OF INTEREST POLICY IS DETAILED IN THE CORPORATE POLICIES AND PROCEDURES, WHICH HAVE BEEN REVIEWED AND APPROVED BY ALL BOARD MEMBERS. ALL NEW BOARD MEMBERS AND SIGNIFICANT FINANCIAL RELATIONSHIPS ARE VETTED FOR CONFLICT OF INTEREST. BOARD MEMBERS ARE VETTED BY USAID, THE STATE DEPARTMENT AND THE WHITE HOUSE; CONFLICTS OF INTEREST ARE REVEALED AT THE TIME OF VETTING. BOARD MEMBERS REVIEW AND SIGN A CONFLICT OF INTEREST FORM YEARLY AT THE ANNUAL MEETING. THE STATE DEPARTMENT ALSO REVIEWED AND APPROVED IN ADVANCE ENGAGING AN INDEPENDENT CONTRACTOR WITH POTENTIAL CONFLICT OF INTERESTS TO ESTABLISH THE FUND'S OPERATIONS. ALSO, ALL STAFF MEMBERS SIGN THE CONFLICT OF INTEREST POLICY AT TIME OF HIRE. BOTH THE MANAGING DIRECTOR AND THE PRESIDENT ARE AWARE OF THE CONFLICT OF INTEREST POLICY AND VET POTENTIAL PARTNERS. CONFLICTS ARE DISCLOSED AND HANDLED PER THE CORPORATE POLICIES. AS ADDITIONAL CONFLICTS OF INTEREST ARISE, THEY ARE HANDLED AS DETAILED IN THE CORPORATE POLICIES, A PROCESS WHICH MAY INCLUDE SUBMISSION TO USAID FOR ADVANCE APPROVAL AND AGREEMENT ON MITIGATIONS. ALL PERSONS COVERED BY THE CONFLICT-OF-INTEREST POLICY ARE REQUIRED TO RECUSE THEMSELVES FROM ALL DECISIOINS IN WHICH THEY MAY HAVE A PERSONAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR OFFICERS IS DETERMINED BY THE TAEF BOARD OF DIRECTORS THROUGH A PROCESS OF REVIEW AND APPROVAL. THE BOARD OF DIRECTORS UTILIZES COMPARABILITY DATA AND DOCUMENTS THE DELIBERATION AND DECISION. TAEF'S FRAMEWORK FOR BONUS COMPENSATION HAS BEEN REVIEWED AND APPROVED BY USAID. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: IMPAIRMENT RECOVERY ON FOREIGN ASSETS -213,966. TAEF ADVISORY COMPANY IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT ADVISOR TS TAEF 0.99900 1 SME CONSULTING COMPANY IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT ADVISOR TS TUNISIAN AMERICAN SME COMPANY 0.99900 1 TUNISIAN AMERICAN SME COMPANY C/O TRIDENT TRUST COMPANY 5TH FLOO PORT LOUIS MP INVESTMENT FUND MP TAEF 1.00000 1 TUNISIAN AMERICAN SEARCH FUND IMMEUBLE ZENITH RUE DE LA BOURSE TUNIS TS 01053 INVESTMENT FUND TS TAEF 0.90000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAEF ADVISORY COMPANY B 274920 CASH